Composition of offences
—(1)  The Licensing Officer may, in his discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from the person reasonably suspected of having committed the offence a sum not exceeding $1,000.
(2)  The Minister may make rules to prescribe the offences which may be compounded under this section.
(3)  On payment of such sum of money, no further proceedings shall be taken against such person in respect of the offence.